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360 Articles

Weatherford Ramps Up Cost Savings Plan

Weatherford Ramps Up Cost Savings Plan

Weatherford International plc (ticker: WFT) reported a net loss of $245 million, or a loss of $(0.25) per share for the first quarter of 2018. Weatherford President and CEO Mark A. McCollum said, “The goals we have set forth for 2018 and 2019 are realistic and achievable. We are on track and, in the first quarter, have already achieved 10%[Read More…]

EOG Resources, Mountrail County, North Dakota.

PermRock Royalty Trust Prepares IPO

PermRock Royalty Trust will soon launch its initial public offering of 6,250,000 trust units, representing approximately 51.4% beneficial interest in the trust. The initial offering price is expected to be between $19.00 and $21.00 per unit. Boaz Energy II, LLC is the sponsor of the trust and will be selling the units being offered. Additionally, Boaz intends to grant the[Read More…]

Halliburton

Halliburton Writes Down All Remaining Venezuela Investments

Market is 1 million to 1.5 million horsepower undersupplied Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of $32 million, or $(0.04) share. “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the[Read More…]

PetroShale Doubles Production in the Bakken/Three Forks

PetroShale Doubles Production in the Bakken/Three Forks

Bakken-focused PetroShale Inc. (ticker: PSH) released financial and operating results for the year-ended December 31, 2017. Production averaged 2,121 BOEPD in the fourth quarter and 2017 production averaged 2,445 BOEPD, an increase of 50% over 2016. Financially, PetroShale reported 2017 revenues of $44.0 million (an increase of 89% over 2016) and 2017 EBITDA of $21.2 million (an increase of 123%[Read More…]

Colorado Wattenberg Field: Preparing a horizontal drilling rig - Oil & Gas 360

Niche Private Equity Firm Aims to Fill a Void with its Debut Upstream Fund

An exclusive OAG360 interview with Drillcore Founder and Managing Partner Evan Turner New York-based Drillcore Energy Partners launched its debut fund this week, a $250-million private equity fund targeting U.S. upstream. Drillcore said it seeks to allocate the capital raised from limited partners for its channel of proprietary deal flow. The firm is out of the gate with an inventory of pending[Read More…]

April 20, 2018 - 4:27 pm 360 Articles, Closing Bell Story, E&P, Finance, Private Equity
LINN Energy: Executive Departures and New Leadership

LINN Energy: Executive Departures and New Leadership

LINN Energy, Inc. (ticker: LNGG) has updated its plan to spinoff into three companies, and has provided more detail as to who will lead the branched-off companies. Riviera Resources formed, OTC ticker RVRA LINN Energy’s board has formed Riviera Resources, LLC. Riviera will hold the upstream assets in Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, and Drunkards Wash, as well[Read More…]

Texas Oil and Gas Employment at Highest Level Since 2015

Texas Oil and Gas Employment at Highest Level Since 2015

The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin and Eagle Ford rose again. Employment spiked up in February and is at its highest level since late 2015, while[Read More…]

April 19, 2018 - 5:31 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P, Finance, Jobs
Grieve CO2 EOR Project

Elk Petroleum’s Grieve CO2 Project Starts Production

Elk Petroleum Limited (ticker: ELK) has commenced production on its Grieve CO2 EOR Project. The company said it expects initial gross oil production of 1,100-1,200 BOPD. CEO Brad Lingo commented, “I’m exceedingly pleased to announce the start-up of oil production from the Grieve CO2 EOR project. Reaching this point has been the result of the commitment and dedication of the[Read More…]

April 18, 2018 - 5:19 pm 360 Articles, Closing Bell Story, E&P, Finance
Razor Energy Reports Q4

Razor Energy Reports Q4

Razor Energy Corp. (ticker: RZE) recorded a positive Q4 2017 net income of $2.3 million, or $0.14 per share. For 2017, the company had a net loss of $3.7 million, or $(0.27) per share. The company produced 4,534 BOEPD in Q4, and had a full-year average production of 3,813 BOEPD. In 2017, the company completed three asset acquisitions in the[Read More…]

Oilfield Services and Midstream Bankruptcies

Oilfield Services and Midstream Bankruptcies

Oilfield services bankruptcies since early 2015 have reached $58.5 billion: Haynes and Boone less damage to midstream sector Oilfield services International corporate law firm Haynes and Boone has been tracking and reporting industry developments in oilfield service restructurings. The firm’s research includes details on 167 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each[Read More…]

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

Debt involved in oil and gas company bankruptcies since 2015 totals $90 billion International corporate law firm Haynes and Boone has tracked 144 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and Canadian cases, involve approximately $90.2 billion in cumulative secured and unsecured[Read More…]

Diamondback Energy Running 11 Rigs, 5 Frac Crews in the Permian: Production Up 10% over Q4

Diamondback Energy Running 11 Rigs, 5 Frac Crews in the Permian: Production Up 10% over Q4

Diamondback Energy, Inc. (ticker: FANG) produced 102.6 MBOEPD in Q1 2018. This is 10% more than Q4 2017 production volumes of 92.9 MBOEPD. Diamondback is currently running 11 drilling rigs and five dedicated completion crews. Q1 2018 average realized prices were $61.66 per barrel of oil, $2.20 per Mcf of natural gas and $24.64 per barrel of natural gas liquids,[Read More…]

April 11, 2018 - 3:32 pm 360 Articles, Closing Bell Story, E&P, Finance, Law, MLPs
EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

FS Investments (FS) and EIG Global Energy Partners (EIG) closed a transaction today, allowing EIG to manage FS Energy and Power Fund (FSEP). According to the company’s press release, FSEP will be the largest energy-focused business development company (BDC) in the marketplace with $4.3 billion in assets under management. “We are excited to enter the next phase of our partnership[Read More…]

Icahn at it Again

Icahn at it Again

Last week Carl Icahn gave Sandridge Energy Inc. (ticker: SD) another poke as he suggested an all-cash offer for the company with a major catch – he wants to decide who goes on the company’s board of directors. Bloomberg reported that Icahn is the company’s largest shareholder at 13.5%. Icahn said that he has “grave concerns” in regard to the[Read More…]

Source: Brazos Midstream

Brazos Midstream Holdings Sold for $1.75 Billion

Fort Worth-based Brazos Midstream Holdings, LLC and its financial sponsor, Old Ironsides Energy, have entered into a definitive agreement to sell its Delaware Basin subsidiary companies to North Haven Infrastructure Partners II (NHIP II) and related funds for approximately $1.75 billion in cash. Closing is expected in the second quarter of 2018. Brazos’s Delaware Basin assets are located in Reeves,[Read More…]

Another Approval in Merger of WGL Holdings and AltaGas

Another Approval in Merger of WGL Holdings and AltaGas

The Maryland Public Service Commission gave its blessing Wednesday, allowing the combination of WGL Holdings, Inc. (ticker: WGL) with AltaGas Ltd. (ticker: ALA) to proceed. The $4.5 billion merger brings together two energy companies. The commission voted 4 to 1 in favor of the merger. Maryland PSC joins the Virginia State Corporation Commission, FERC, FTC, DOJ, and the Committee on[Read More…]

What’s Worth More to the State of Texas—Land or Oil?

SM Energy Divestment of $792 Million Non-Core Assets Will Drive 30% Debt Reduction

Out of the Williston Midland- and Eagle Ford-focused SM Energy Company (ticker: SM) sold its remaining assets in the Williston Basin and third-party operated assets in Upton County, Texas. The combined sale generated $292.3 million, but the buyers have not been disclosed. President and CEO Jay Ottoson said, “We are committed to our strategy to focus on development of our[Read More…]

April 4, 2018 - 5:21 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P, Finance
Lackawana Energy Center Project Rendering. Source: http://lackawannaenergy.com/

Encana, Keyera Deal Will Add 33,000 Barrels of Montney Condensate Processing Capacity at Pipestone

Deal struck between Encana and Keyera Partnership adds 33,000 barrels of raw condensate processing capacity and 170 MMcf/day of net inlet gas processing; Keyera will own the facilities at Pipestone Encana Corporation (ticker: ECA) and Keyera Partnership have reached an agreement where Keyera will acquire and fund the remaining development of Encana’s Pipestone liquids hub and Encana’s planned Pipestone processing[Read More…]

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers[Read More…]

Strategic Oil & Gas Ltd. Reports 2017 Results

Strategic Oil & Gas Ltd. Reports 2017 Results

Northern Alberta operator Strategic Oil & Gas Ltd. (ticker: SOG) has posted Q4 and full year 2017 results. The company had a net loss of $41.3 million, or $(0.89) per share in Q4 2017. For 2017, Strategic had a net loss of $89.5 million, or $(1.94) per share. Strategic said the loss was driven by an impairment charge of $58.8[Read More…]

April 2, 2018 - 4:25 pm 360 Articles, Canada, Closing Bell Story, E&P, Earnings, Finance, Fracing
Closed and Closed: WildHorse, WPX Divest Assets

Closed and Closed: WildHorse, WPX Divest Assets

WPX Energy (ticker: WPX) has closed the San Juan Basin oil play sale to Enduring Resources IV, LLC for $700 million. A significant portion of the proceeds are slated for debt reduction, WPX said, and the company now believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019. The transaction completes WPX’s exit from operations[Read More…]

Unit Corp Accelerates Drilling Program with $300 Million Sale

Unit Corp Accelerates Drilling Program with $300 Million Sale

Divesting 50% Interest in Superior Pipeline Unit Corporation (ticker: UNT) has agreed to sell a fifty percent equity interest in its wholly owned subsidiary, Superior Pipeline Company, LLC for cash proceeds of $300 million. The purchaser, SP Investor Holdings, LLC, is jointly owned by OPTrust and funds managed by Partners Group, a global private markets investment manager. The sale is[Read More…]

Lonestar Resources Plans 50% Production Growth in 2018

Lonestar Resources Plans 50% Production Growth in 2018

Lonestar Resources US Inc. (ticker: LONE) reported a net loss attributable to common stockholders of $13.7 million, or $(0.58) per share for Q4 2017. For 2017, the company had a net loss of $42.6 million, or $(1.92) per share. Net oil and gas production in Q4 2017 was 7,272 BOEPD. For 2017, Lonestar produced about 6,495 BOEPD. Reserves Proved reserves[Read More…]

March 29, 2018 - 4:40 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Energy Corporation (ticker: FEC) reported a net loss of $217 million, or $(4.33) per share for 2017. In Q4 2017, the company posted a net loss of $33 million, or $(0.65) per share. The company attributed the year’s loss to impairment charges in the aggregate amount of $123 million and mark to market loss on risk management activities of[Read More…]

Oil Hedges: Brazil and Mexico

Oil Hedges: Brazil and Mexico

Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

ProPetro Profitable in 2017, Approaches One Million HHP

Permian-concentrated oilfield service provider ProPetro Holding Corp. (ticker: PUMP) had a net income of $12.6 million, or $0.16 per share for 2017. In Q4 2017 the company had a net income of $10.1 million, or $0.12 per share. The company reported total revenues of $981.9 million for 2017 and total revenues of $313.7 million for Q4 2017. Yearend capacity grew[Read More…]

Source: Nord Stream AG

EnCap Commits $250 Million to Getka Energy

Getka Energy LLC, a midstream services provider, has received an initial equity commitment of $250 million from EnCap Flatrock Midstream. Getka was formed earlier this year to provide storage, blending and terminal solutions, as well as pipeline transportation and market optionality for producers across North America, in addition to domestic and international marketers. The recently formed company is led by[Read More…]

March 27, 2018 - 5:19 pm 360 Articles, Closing Bell Story, Finance, Midstream, People
Tellurian Keeps Sailing

Tellurian Keeps Sailing

Tellurian Inc. (ticker: TELL) wrapped up its first year as a public company, ending 2017 with $128.3 million of cash and cash equivalents. The company remains debt free, but reported a net loss of $231.5 million, or $(1.23) per share as it ramps up permitting and preconstruction phases for its Driftwood LNG plant on the Louisiana Gulf coast. Driftwood is[Read More…]

March 22, 2018 - 2:45 pm 360 Articles, Closing Bell Story, Finance, Midstream
Courtesy of EQT

Cardinal Energy, Now with Apache’s Conventional Light Oil Assets, Produces 21 MBOEPD in Q4 2017

It was in July 2017 that Apache Corp. (ticker: APA) announced it was selling its conventional light oil production to Cardinal Energy Ltd. (ticker: CJ). At that time, Cardinal estimated that the properties would add about 5,000 BOEPD of production, with oil and NGLs making up all production. In Q4 2017, Cardinal’s average daily production was 20,948 BOEPD, and for[Read More…]

Venado and KKR Add Another Cog for $765 Million

Venado and KKR Add Another Cog for $765 Million

Venado Oil and Gas, LLC and KKR will acquire the operated and non-operated Eagle Ford assets of Cabot Oil & Gas Corporation (ticker: COG) for a purchase price of $765 million. Venado and KKR acquired interests which include approximately 303 gross/203 net wells and 74,400 net acres situated primarily in the Eagle Ford oil window of South Texas (Atascosa, Frio[Read More…]